|Onkyo Finally Files For Bankruptcy
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|Author:||mix4fix [ May 17th, 2022, 12:39 am ]|
|Post subject:||Onkyo Finally Files For Bankruptcy|
https://www.forbes.com/sites/marksparro ... 5862fb6f1c
According to Nikkei Asia, Onkyo Home Entertainment filed for bankruptcy yesterday at Osaka District Court. Total liabilities have been stated as being around ¥3.1 billion which is around $24 million. The company is based in Osaka and was delisted back in August.
The company’s failure has been blamed on its inability to adapt to the fast-changing audio market which is increasingly software-based and revolves around streaming music rather than listening to it on physical formats like CDs. More of us are using our smartphones for listening to music and even watching films.
Onkyo’s two subsidiary companies that handled the manufacturing of speakers and other equipment for third parties had already filed for voluntary bankruptcy in March of this year.
Since then, Onkyo has ceased its functions. The company told Nikkei that it: “tried to maintain business on a smaller scale but could not stop its cash-flow problems from worsening.”
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